ENTREPRENEURIAL MANAGMENT

Entrepreneurial Management



Entrepreneurial Management

Introduction

A prerequisite for good entrepreneurial management is an enterprising attitude on the part of the people involved. Productivity of an organization can only be improved with proper management. The influences of family, social institutions, governance and leadership also play a significant role in the management of an organization (Kirby, 2006). Common managerial challenges such as competition, resource scarcity, shortage of power and capital, technology up gradation and cost of production require the attention of policy makers. Creating and developing an entrepreneurial mindset in people, would help an organization face all challenges to enhancing the life of a product in the marketplace (Kirby, 2002). To motivate people and achieve growth, leaders are required to navigate both internal and external conflicts. Consequently, the role of entrepreneurial leadership and management becomes important for students as well as entrepreneurs.

Discussion

An entrepreneur has a dream. Skill, hard work, and luck turn that dream into a business success. At some point, as the company grows and matures, the founder faces a decision - should he/she continue to manage the company or stay with the dream (Delmar, 2000).

Should the founder continue with entrepreneurial management or is it time to engage professional managers so the founder can devote more time to the company's core idea? It is a question that must continue to be faced as the company continues to grow.

Entrepreneurial individuals

Entrepreneurial leadership and continuous innovation are vital components of 21st century communities and organizations. Entrepreneurial leaders must realize the importance of environmental, social and global issues while creating an atmosphere of innovation designed to help followers become more entrepreneurial themselves(Bridge, 2003).

Entrepreneurial individuals and teams have the ability to recognize and capitalize on opportunities, innovate, take risks, adapt to rapid change and marshal resources to achieve their goals. When individuals come together as an effective team, they can produce a synergy to meet the demands of a rapidly changing and competitive work environment (Delmar, 2000). Therefore, entrepreneurial leaders must develop entrepreneurial individuals and teams while integrating innovation throughout their organizational culture.

One thought is that luck alone explains the success of an entrepreneur. Luck, by definition, is a random phenomenon - it can come and go without notice (Kirby, 2002). If luck determined success, we would not expect a pattern of outcomes, and success in one period would have no correlation with success in a subsequent period. Naturally, this would make a policy discussion difficult since there are no practical means by which we can control.

Entrepreneurial organization

Entrepreneurial organization promotes entrepreneurial activity adapting structure, management, and processes accordingly in order to gain the required agility, speed, and creativity and drives to act profitably upon specific opportunities.

Entrepreneurial organization is any organization that meets these two criteria:

It is structured so that its members are given the information and tools necessary to allow each to pursue solutions and take advantage of opportunities at their level, based on the stated objectives of the organization.

An atmosphere exists that encourages individual initiative, and mistakes and failures that occur in the process ...